Updated 18.06.2021

Standard Bank Home Loans – How to Apply? – Features, Benefits and More

The process of buying a home for the first time should be fun and exciting. However, this is not always the case. Most first time home buyers get too caught up in the process that they overlook the joy that awaits them at the end of the process. To most, the thought of securing any of the Standard Bank home loans, finding the right property and following things through to the end seems like a lot of work. In reality, the process is a lot more straightforward.

Standard Bank home loans are tailored to meet the needs of homebuyers, homeowners, and homebuilders. Before applying for the loan, you need to know the seven steps of buying a home through the Standard Bank home loans.

Steps for Buying a Home Through Standard Bank Home Loans

As a general rule, when buying a home, you have to qualify yourself before committing to the home purchase process. You do this through some simple steps.

Determine What You Can Afford

Bond calculators are great tools for determining the amount you can borrow and your possible monthly repayment amounts. While at it, it is prudent for you to determine whether you meet the minimum qualifications for Standard Bank’s affordable housing options or government subsidy.

Decide the Amount You’d Like to Borrow

The Standard Bank allows you to borrow as much as 100% of your property’s buying price. When you register for a higher amount for your bond, you will access more cash later without applying for a new bond.

First time home buyers can receive up to 105% of the property’s buying price if it is R1.8 million and below. The extra 5% will cater for bond registration and transfer costs.

Look for Your Dream Property

As you find a good home, look at its structural soundness and internal finishes. Look for signs of dampness and weaknesses that would require you to renovate your property. Some of the common areas to look at includes the kitchen and the bathrooms.

Search online for repossessed properties, especially on auction sites. Often, these houses are exempted from paying transfer duties. Check out Standard Bank’s MyRoof properties for such properties.

Find Out More Information About the Home

Researching about a home helps you make an informed decision. You will bargain better when you know the age of the house, how much it sold for last, and the prevailing market rate for similar properties in the neighbourhood and other areas.

It is prudent to use credible South African home guides, such as Standard Bank’s home guide, to get a meaningful insight into the property and its approximated value. 

Make an Offer to Purchase

An offer to purchase is made after finding a good house to buy. When it is accepted, you and the seller should sign the document. Later on, you have to submit one copy of your offer to purchase as you apply for the home loan.

Apply for the Home Loan

You can choose to apply for the Standard Bank home loans as an individual or a business or a trust or a joint application together with your partner.

Insure Your Home

Once you accept the home loan, you need to apply for the property’s insurance for the home loan period. Typically, Standard Bank provides four insurance categories. These are:

  • Car and home insurance

This is a comprehensive insurance that covers both your vehicle and property.

  • Building Insurance

It protects your building against damages resulting from theft, bust geysers, storms, and fire.

  • Home Loan Protection

This option protects you when you can’t pay your bond.

  • Home Content Insurance 

It protects your home content due to damages from fire, theft, or storms.

How to Apply for Standard Bank Home Loans

To apply for the Standard Bank home loans online, you need to:

  • Load the Standard Bank website and go to the Home Loan Application page
  • On the page, scroll down until you see the “Buy A Home” option and click “apply.”
  • A home loan application form will appear on your screen. Fill in your personal information as capture in your recognized South African identification card.
  • Agree to all the terms by clicking on the boxes placed at the start of each term.
  • Click continue and proceed to the subsequent loan application steps.

To apply for the Standard Bank home loans offline, you need to:

  • Send the bank a “call me back,” or
  • Call the bank on weekdays through 0860 500 000 during official working hours, or
  • Visit any Standard Bank branch for help with your home loan application

Documents Needed to Apply for the Standard Bank Home Loans

  • Most recent payslips
  • South African Identification card
  • A list of your monthly expenses
  • In case of a joint application, each involved party should provide all the above-mentioned documents

Features of Standard Bank Home Loans

  • Access the Standard Bank property guide for free
  • Fixed and tiered rates
  • Online application
  • Use Standard Bank calculator
  • Access high loan amounts

Benefits of Standard Bank Home Loans

  • Juristic entities are eligible to apply for the Standard Bank home loans.
  • You can resell your property during the loan period.
  • The bank can fund your whole purchase and pay for the additional cost involved with getting a home loan, i.e. attorney fees and transfer duties.
  • You can opt-out of a joint home loan arrangement whenever you want.
  • Has both variable and fixed interest rate options.
  • There is no maximum loan limit. Therefore, you can apply for as much money as you can afford.
  • You can pay your loan amount anytime with no extra charges.
  • Access to free home loan consultations.
  • You can choose between a building loan or a property purchasing loan.
  • If you choose the building loan, the bank will advise you in every step of the home construction to ensure your building conforms to the set building Standards in South Africa.

Standard Bank home loans offer numerous solutions to your first-time homeownership, whether you need to build or buy a new house. Follow these procedures to apply for a home loan.

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